Aurore LALUCQ

Member of the European Parliament · France · S&D · Place publique

Policy topics Aurore LALUCQ is active on

Digital euroEU policy on aging workforce and pensions

What Aurore LALUCQ has said (80)

2026-06-16 “President, madam commissioner. This wake up, is tardy. 1.5 points of GDP. That's what we lose every year for to US digital services. In this context, the Americans are ahead. We said that it's often said that the Europeans are not up to the don't don't rank that, but that's not true. But, we will be able to develop it. It's our role or under responsibility to be up to the task. It's about our talents. We have to protect them to make sure that public orders go towards the digital sphere. And it's very dangerous to work with certain, digital actors in The US. We could think think of something which is at digital taxation of the digital giants.”
Priorities of taxation policy in the EU
2026-06-16 “Thank you very much, Mr.. President. Madam Commissioner. This wake up is tardy. 1.5 points of GDP. That's what we lose every year. For to us, a digital services. In this context, the Americans are ahead. We said that it's often said that the Europeans are not up to the. Don't don't rank there. But that's not true. But we will be able to develop it. It's our role and our responsibility to be up to the task. It's about our talents. We have to protect them to make sure that public orders go towards the digital sphere. And there's it's very dangerous to work with certain digital actors in the U.S. we can think of something which is digital taxation of the digital giants. Thank you. Mr..”
EU digital & tech sovereignty
2026-06-15 “(17:52:57 – 17:54:07): Thank you, president, vice president. Independence is not protectionism. Independence. You know, it's just stop being stupid for a moment. Independence is, you know, not just taking it to take control of our destiny instead in some areas for Europe. Energy, you know, right now, this is an issue. You know, the fact that Trump might cut us off in terms of, AI, Mastercard, Viva, financial payments. You know, our traders are telling us it becomes, you know, a form of extortion ultimately. Now I've heard people speak about the single market and, obviously, it goes without saying that I agree. But why don't we have why don't we have an energy champion? Why do we have Airbus? Not just by miracle, it's because we invested into this and because we had a policy on the matter. It was created. It was crafted. So at some point in time, in terms of EU public procurement, we have to start we need to stop giving money to the powers that are actually attacking us economically. Thank you.”
EU digital & tech sovereignty
2025-04-04 “E-001387/2025 Answer given by Executive Vice-President Ribera on behalf of the European Commission Article 2(3) Merger Regulation 1 provides that the Commission shall prohibit any concentration that would significantly impede effective competition in the internal market, in particular as a result of the creation or strengthening of a dominant position. Article 2(1) Merger Regulation contains a list of factors that the Commission takes into account in assessing mergers. In the course of its investigations, the Commission relies on information provided by the merging parties; suppliers, rivals and customers; trade associations; and any other relevant stakeholders. On 24 April 2025, the Commission has accepted requests submitted by Austria and the Netherlands to assess the proposed acquisition of Downtown by Universal Music Group under Article 22 Merger Regulation. This does not prejudge the outcome of the Commission’s full investigation of the effects on the transaction. The Commission will indeed carefully investigate this transaction, in particular engaging with market participants to better understand the music industry and the impact of the transaction on the music industry and cultural sector, and of course on consumers. Following the Court of Justice’s Illumina judgment 2 , there is an ongoing reflection how to address the need to capture certain sub-threshold transactions. Currently, the Commission can review cases if they are referred by competent Member States which are introducing national call-in powers. A call-in power at Commission level would require a review of the Merger Regulation, which would be a lengthy process that requires unanimity of 27 Member States. The Commission considers the current rules are sufficiently agile to address competition concerns in dynamic markets and ecosystems. The Commission’s case practice will be reflected in the ongoing review of the Merger Guidelines, in which a wide-ranging public consultation was launched on 8 May 2025. 1 Council Regulation (EC) No 139/2004 of 20 January 2004 on the control of concentrations between undertakings, OJ L 24, 29.1.2004, p. 1. 2 Judgment of the Court of Justice of 3 September 2024 in joined cases C-611/22 P and C-652/22 P, Illumina v Commission, EU:C:2024:677.”
EU Competition policy · EU rules on digital competition
2024-11-22 “E-002638/2024 Reply The proposal referred to by the Honourable Member (proposal for a Council Directive amending Directive 2006/112/EC as regards VAT rules relating to taxable persons who facilitate distance sales of imported goods and the application of the special scheme for distance sales of goods imported from third territories or third countries and special arrangements for declaration and payment of import VAT) is being discussed within the Council. The Council is not in a position to foresee the outcome or the duration of the discussions. As regards question 1: since the proposal forms part of the Union Customs Code reform package proposed by the European Commission in 2023, its provisions are closely intertwined with the provisions of the other proposed legal acts in that package (for example concerning the concept of ‘deemed importer’ mentioned by the Honourable Member), which are still under discussion within the Council. However, the Council did start discussions on this proposal under the Hungarian Presidency, as reflected in the Ecofin report to the European Council on tax issues (16673/24, see points 38-44). As regards question 2: the information requested by the Honourable Member is not available to the Council. The Honourable Member is invited to put this question to the Commission, as it falls within its sphere of competence.”
VAT harmonisation · EU competences on taxation
“Thank you. Before I give the floor to the next speaker, I just wanted to add a few words about this subject that keeps coming back in the committee. In the coordinates meeting, I'm sure you know what I'm going to be talking about here. We are a co-legislators, and we've worked very hard on setting up Meka. I'm sure that they'll quickly understand the kind of safeguards that the commission is talking about. On a number of occasions we've had the European Central Bank here with Christine Lagarde saying to us very clearly that she's very worried about the Commission's interpretation. It is a point that we have taken very seriously, and the coordinators in the Econ committee have taken it particularly seriously. It's a recurrent subject in the hearings that we've had with the commission. It's not to annoy you. It is because our concerns are legitimate as co-legislators who work on this subject. The European Central Bank is not a minor footnote in the financial stability of the European Union. And they have, uh, expressed serious concerns. That's why it's good for us to have a chance to discuss these safeguards so that we can evaluate them because we have legal services with us, too. I'll now give the floor to the ESN group. Sieg. But, Frank. Theresa.”
ECB monetary policy
“Thank you. I'll now give the floor to myself. I agree with you in some sectors, forty percent of stablecoins are in noncustodial wallets. It's quite complicated to track things down under those conditions. Now I have questions on stablecoins. Many rely on foreign infrastructure. We have synthetic stablecoins. I'd like to hear what you have to say about the difficulties here, Mister Mazzaferro, and what about the markets? There are risks. So Mister Mazzaferro, I'd like to hear more about the cocktail of all these risks, particularly where we see that the US is less cooperative. We know that someone working for Binance was pardoned by President Trump, so we want to know more about this. Someone who is sentenced in the US now has been freed and can conduct business in Europe. Now on using reserves and how that might impact on synthetic stablecoin and what about knock-on effects from the US to Europe? Thank you.”
Regulation of crypto
“Thank you and for your information we are waiting for the report, two reports to be published on the AMT and the way European people are using it by the EBA and by SMAR I think by the end of the year so we can have an objective, honest and proper vision of this use. Any catch zi? Yes, Irene Etienagli.”
Regulation of crypto
“To avoid an appointment, uh, of the, uh, vice president of the European central banks, Mr. Boris Vucic. It's a buy. It's a secret vote by electronic vote. And the vote is open. The vote is closed and it is approved. The appointment is approved. Congratulations to Mr. Vucic. We now move to the appointment of the chair of the European Banking Authority, Mr. Francois Louis Michaud. Same process. Secret ballot via an electronic process. What is open? What is closed? And it? It is adopted. So congratulations also to Francois Louis Michaud. Thank you for this voting session. The next item of the agenda will be an exchange of views with Nadia Calvino, the president of the European Investment Bank, in 20 minutes. ***Exchange of views with Nadia Calviño, President of the European Investment Bank Group (EIB) and Chair of its Board of Directors”
Discharge of EU institutions and agencies
“Thank you, dear Commissioner. And in 20 minutes we will have the public hearing with Dominique Laborie, the chair of the SRB. _____ ***Public Hearing with Dominique Laboureix, Chair of the Single Resolution Board (SRB)”
European Banking Union
“Thank you so much for being with us today and for answering to all of our questions. Thank you. It's a pleasure for us. Thank you so much. The vote will be in 30 minutes. Okay, so if you have time to have a coffee or discuss inflation. ***Vote on European Semester for economic policy coordination 2026”
European Semester (social dimension)
“What's a pleasure to have with us today? The representatives from ecofin and the finance minister from Poland. So. A welcome to you. I'd like to welcome both of you. Thank you for having accepted to join us in the committee. First of all, it's important that you should be with us as present presidency. And we see that in the area of econ. You're very constructive and very dynamic, and you have inherited some very difficult files, difficult files in the Parliament, but also difficult files for the council. So I'd like to thank you for your constructive approach. And it's a very specific moment as well to be euphemistic because the world is changing at an unexpected speed. And I think even last week's speeches have changed the situation substantially. It's very interesting to hear from all on all of these essential subjects. I'll give you the floor for five minutes, and then there will be a question and answer session with the room. Thank you, Mr. Domanski, for five minutes. The floor is yours.”
EU fiscal rules and oversight of national budgets
“Hello. Good morning everyone and welcome back. I hope you enjoy your holidays. I have. Several several points to mention before we move to the to the vote. So we will start with the point a one of our agenda. And if there is no objection then the agenda is adopted. Interpretation will be available today in 12 languages. I have some announcements, a lot of announcements by the way of decision and recommendation. Uh, so at the meeting of July 15th, the following recommendation and decision were taken. Nomination. It was agreed to allocate the Council regulation concerning the collection of statistical information by the ECB to the Bureau. The Council decision on amending protocols to the agreement between the EU and Switzerland to EPP upcoming amending protocol with Liechtenstein, Andorra, Monaco and San Marino will be allocated to same standing rapporteur and negotiating team. The report on financial literacy goes to EPP. The econ opinion on the report tackling barriers to the single market for defence to ECR. The econ opinion on the report European Defence Readiness 2030 assessment of needs to renew regarding own initiative reports. It was agreed to draw up an initial report on digital crypto asset and any report on the global role of the euro once it becomes available. Of course, regarding the mission, it was decided to maintain the mission to Canada in May 2026 to organize a mission to Washington, D.C., in July 2026 to organize a mission to the IMF annual meeting in October 2026.”
Multilingualism in EU institutions
“Yeah, no, I just I'm not sure that you answer to the. **Damian BOESELAGER Question, try to make the broader picture. But just the very precise question was also why or what is your current view on the technical requirements and the solvency margin and why it wasn't.”
Financial regulation
“Allocation of files. Okay. Thank you. So in accordance with rule 220 of the rule of procedure, the committee shall hold a vote on the decision that is contested. And the simple majority is applicable in this case. So, colleague, uh, following the contestation, we are now putting the coordinated decision of number five on the allocation of reports and opinion to a vote by show of hand, and I will now open the vote. Who is in favour of confirming the coordinator result? Thank you. With against who abstained. Okay, so, uh, your demand and is rejected. And the coordinator decision and recommendation have been adopted. Thank you so much. We can move now to the point three of the agenda. And I'm very happy that there is a lot of people in this room, uh, for this point, three of this agenda. And I would like to welcome the chairs of the three essays in econ today, Petra Eichmann, José Manuel Campa, and Verena Ross. Welcome to the three of you. You are if you have, um, we have invited you to present your authority's activities and share your experience during this last year, in particular your role in rulemaking and coordination and the cooperation with the legislature. We are also interested to hear what your priorities are in the next 12 months. This will also give evidence in our capacity as rotating chair of the Joint Committee of the Three Desires, and in addition, explain how she intends to carry out her function as Second Vice Chairperson of the European Systemic Risk Board as required by the regulation. Members are reminded that the three chairs have provided a written statement on the authority's main activities over the past year, and those written statements have been circulated to members on October 29th, 2026 2025. Sorry. Each chair will now have the opportunity to provide opening remarks. Uh, and you will have ten minutes in total to, uh, also cover your capacity as chair of the Joint committee of the SAS and second vice chair of the ESB, Mr.. And Mrs. Ross will have five minutes, uh, each, and I will give you the floor.”
Transparency requirements of EU institutions
“Mr. President, commissioner, colleagues who wants to deprive Europeans of a method of payment which is digital and free. We are not free. Who would prefer that? We give all the stock things in the US rather than in Europe? Who could refuse that? We should be dependent when it comes to payment means from the US. All our methods of payment are from the US. Who would want to abandon our monetary sovereignty? Who would refuse to defend the euro? Our currency today, where we have American stablecoins coming in in our continent, who would prefer U.S. actor close to administration for whom the EU poses a problem? Who wants to destabilize our farmers, our industry, our winemakers? Who? Who, in other words, could refuse this freedom to create the digital euro? Our payment method, which is independent of the Americans above all. It's not the people who defend the defend the interests of the Europe, or the middle class, or sovereignty, or people who defend our democracy and and history will name them in a period of with populism, we'll hear a lot of things about the digital euro, which depriving people of power, where we're doing the creating things with our data, with our data, it's false and it's about politics and civilization. We have to keep our feet on the ground. The Europe has a role to play, to compete with the dollar, to be the currency of one of the strongest economies in the world. Each should be on the right side of history. History will judge them. Thank you very much.”
Digital euro
“So good morning everyone. We will start with the adoption of the agenda. And if there is no objection objection. The agenda is adopted. Uh, today we will have interpretation in 12 languages. Uh, I have some announcement to to, to make. Uh, the first one is on Emir. The recent revision of Emir changed the rules for some obligation. Exemption from transaction between entities, uh, belonging to the same council, the consolidation group. The intra group exemption should not apply to transactions made with counterparties established in high risk countries. Trees. These countries are defined in the anti-money laundering package. The new emir, which is applicable since December 24th, 2024, refers to the list provided for in the new um for the list provided for in the new AML regulation. The new regulation enters into application on July 10th, 2027, and this creates a time gap. This draft corrigendum closes the gap by replacing the cross reference to the future AML list with a reference to the AML list on high risk jurisdiction that is currently in force, adopted in accordance with article nine of the AML directive. The draft Corrigendum has been circulated to members in the absence of opposition by at least one political group of members, reaching the low threshold within 24 hours of this announcement. The draft Corrigendum will be deemed approved by Akon and tabled to plenary for announcement, as provided for by rule 251 of the ERP.”
Anti-money laundering regulation
“Colleagues, you can go back to your seat. We'll proceed to the vote. Uh, I have been informed that the following non members will take part in today's vote. Uh, Mister Francisco Aziz will be replaced by by Andre Rodriguez. Mister Pompey will be replaced by Catherine Garcia. And Miss Maria Burroughs will be replaced by Miss Della Pizza. Thank you. So before we proceed to vote, we will start with a test vote as usual. And the vote is open. So. What is closed and everything is fine. So we will proceed to the vote on the European Semester for Economic Policy Coordination 2026. The rapporteur is Chiara. Peter answered by showing off. And we will start with compromise a with in favour with, against or abstain. Adopted. Compromise B with in favour with, against or abstained. Adopted. Compromise C with in favour with, against or abstain. Adopted compromised. D was in favor with against, who abstained. Adopted. Compromised. E was in favor with. Against. Who abstained. Adopted. Compromised. F with. In favor with. Against. Who abstained. Adopted. Compromised G with. In favor with. Against. Who abstained. Adopted a final vote by roll call. Vote. The vote is open. Its floor.”
European Semester (social dimension)
“And since 2023, payments without digital euros Arrows are still digital payments by mobile phones. Uh, and they have now overtaken, uh, cash in terms of number of transactions. So there has been a major amount of development over recent years. So now we want to deal with these developments. What about data. We've heard a lot about data. And I'll remind you that today all of our data is in the hands of private companies based in the United States. So when we ask questions about data, we have to place this in a much broader debate. And we should be cautious. When it comes to falling into the traps laid for us by fake news. Well, competition is an issue. There are different views around the world in different geopolitical blocs, which may turn out to be hostile to us. And we're talking about the digital euro. We've been talking about it for years now, but so far no private solution has emerged over the last five years or so since it was first floated. Now, I now give the floor to Commissioner Dombrovskis for ten minutes. John Berrigan will be there to take part in the question and answer session. And then afterwards, I'll give the floor to Mr. Cipollone for five minutes. I'm going to be extremely strict about speaking time. We need to ensure. That all of the parliamentarians who wish to speak should have time to have equal speaking time in such an important debate. So I'll just give the floor to Mr. Dombrovskis.”
Digital euro
“So now we will continue. And we will. We need to look at why the Commission and the Bank have decided that they need to make progress with the digital Euro. Well, this is, of course, a instrument which will provide greater freedom to people because digital services are much more extensive, and it is important for European citizens to have the freedom of choice, to be able to pay in cash or in digital transactions. If they want to use a digital euro, they should be able to do that. It will also be important to look at at monitoring data, because too much of European data is held in the US. So this is another question pertaining to freedom and sovereignty. There's also the question of monetary transmission because we need to have a level playing field between commercial banking and retail banking. Innovation is very important. It's an important aspect here. Obviously the digital euro will bring a huge amount of innovation with it. It's also relevant to the whole issue of purchasing power, because it must not take a toll on the customers and our citizens. In the past, the costs surrounding the creation of the euro were quite considerable, and we must not end up in a situation where introducing the digital euro is expensive, but it should be possible to do it without taking an economic toll, either on individuals or any economic sectors. So without further ado, I'm now going to give Mr. Navarro to the floor for five minutes, and then we will have a debate with the shadow rapporteurs. Thank you to them in advance for being here. And we will, of course, also have an opportunity to give Mr. Ricardo from Libe a chance to take the floor. I'd like to welcome you and then we will have an opportunity for the rapporteur to give his reply. So five minutes for you at the moment, Mr. Navarrete.”
Digital euro
“Thank you. And I'm sure we will. Well, I will take the floor now. I'll take the floor in French. As you said, I am the rapporteur for those non-financial statistics for commercial real estate. So we very much welcome your work. It will give us a better understanding of the real estate market, which is a structural factor when it comes to our economic and financial stability. Uh, people certainly remember that from the end of the 2000 when we had the big crisis. We don't really have, uh, the statistics we need looking at all these different types of housing, social housing, commercial real estate. So when, uh, we look at that, to really understand the commercial real estate market. I'm not sure why we don't have that as, um, a compulsory indicator. So we have seen in the rental market, the short term rental market particularly has a real impact on, uh, Europeans on their access to housing in terms of prices, uh, for residential purposes. So we have, uh, the tax, um, information from these short term rental platforms. Have you, uh, envisaged collecting data on this subject? Thank you.”
EU regulation on financial data access
“Thank you. The deadline for amendments are due in December 12th at noon. Thank you. So now we can we are turning to the presentation of draft report and consideration of amendment of the file on the European Central Bank Statistical Collection, for which I am the rapporteur for the Bureau of the Econ Committee on June 17th, 2025, the ECB published a recommendation for a Council regulation on this topic following the Council request for consultation of Parliament's file has been referred to Econ as responsible Committee under the consultation procedure. This is the third time that the that econ draft a report on this regulation, following, inter alia, the recent reform of the regulation on European statistics. The ECB recommends amending several articles of this Council regulation, including on the reference reporting population, the definition, the section please, the confidentiality regime and the access to administrative data. In my draft report, I welcome the ECB's recommendation in a context of significant changes changes in the collection, compilation, dissemination and use of statistical information by the European System of Central banks owing to the digital transformation. At the same time, I have put forward amendments on further minimising the risk of breach of confidentiality in compliance with the General Data Protection Regulation and updating the amount of the fines every four years linked to the inflation in the euro area. And on reviewing the Council regulation, considering future technical technological changes impacting the statistical collection. In total, members have tabled 17 amendments covering the scope, definitions and confidentiality regime of the Council Regulation and I want to thank them for the good work provided and for the good cooperation, I hope, for a broad support for the compromise amendment at our upcoming vote in the Econ committee so that this file can be voted on in the plenary sitting of last of of November. I now give the floor to the shadow rapporteur to express their view. And I will start with EPP Sirpa Pitkanen for two minutes. Thank you.”
EU regulation on financial data access
“Thank you. Dear rapporteur. Thank you to the shadow and thank you for the discussion. The deadline for amendment is June 12th at 6 p.m.. So for the consideration of amendments is scheduled for July 14th and the vote is scheduled for September 24th. Thank you to all of you. We now turn to our next item in the agenda, the consideration of the draft report on the proposal for a Council directive restructuring the Union framework for the taxation of energy products and electricity. And I give the floor to the rapporteur, Mr. Johann von Overveld.”
Priorities of taxation policy in the EU
“Okay, so we now turn to the consideration of amendments on the proposal for a council directive. Business in Europe, framework for income taxation benefit. The draft report of the rapporteur, Evelyn Regner, was presented and discussed in Econ on June 4th. A total of 361 amendments were tabled. Unfortunately, the rapporteur, Evelyn Regner, is not able to be here due to an urgent, urgent commitment. She is being substituted by Fernandez and I invite Mr. Fernandez to present on behalf of the rapporteurs. The main point of discussion in the draft report and afterwards, the shadow rapporteur to take the floor. Mr. Fernandez, the floor is yours for six minutes.”
EU competences on taxation
“Thank you for ECR, Stéphane. Nicolas. ** Stephen Bartulica: Thank you. Chair. I would first like to express my appreciation for the work of the rapporteur, Mr. navarrette. We've had several discussions and exchange of views on this important file, and I'm assured of his best intentions to get the most out of this legislation. I want to focus on a few points. And I want to express that I support the. Initiative to give more time to the private sector. We all believe that Europe should be less dependent on non-European payment providers. But the question is how to achieve this goal? And I have not been convinced that the Commission's proposal is the correct way. For example, the the only existing model today with a central bank digital currency is in China. Let that sink in. Also, we have under this current proposal, the reality that the ECB, as a regulator, will be actually offering a payment option on the market and de facto competing with existing payment schemes. Is that a good idea? Blurring. Blurring the distinction between the regulatory regulatory role and actually playing playing a role on the market. This is certainly a novelty. And I'm quite confident that it's not what consumers want. In fact, the political reality is that this is not something ordinary citizens are demanding. It's something coming from the top down. And the ECB has not even begun to make the case in public to win over European public opinion. They've said in meetings that they leave that job to us. So having said that, how do we move forward? I would say that this report provides a very good basis. After many, many meetings with stakeholders in the private sector, I am convinced that they are working hard on providing better solutions. They are innovating. They are interested in making Europe more competitive. And the last thing that we need is for a proposal like this to hinder their efforts, instead of actually making it easier and facilitating them. So these are my views that have not changed over the course of the last several months. I congratulate the rapporteur on preparing this report and I look forward to the negotiating process ahead. Thank you.”
Digital euro
“President. Commissioner. Today's debate isn't so much about taxation, but more about our courage, sovereignty and the ability we have to admit to reality. So what is the reality? We've accepted Trump to wriggle out of the global agreement on taxation in order to assuage him, because we wanted a good deal. Is our trade deal good? Is he calmed down? The answers are no, but we are told that it gives stability and a stable horizon for our businesses. Is this the case? No. The answer is no, because even the day after he, uh, there were all sorts of attacks, and he challenged us when we said we wanted to have a digital tax. So still nothing. He still hasn't calmed down. And now he's calling into question his support for the OECD. So when are we going to understand when are we going to understand that Trump will never stop? And of course, we need to have a digital tax because you as big tech companies don't live in our markets. We have to go further. We have to defend our companies, our rules, and have a digital sovereignty policy, a real policy, not just words, um, words uttered by Ursula von der Leyen. Because all we've heard are words. We have to make sure that we show it through a buying from our own. I think words are lovely, but proof of love is even better. And that's what we're going to ask the European Commission. Proof of love. And, uh, just some advice for Ursula von der Leyen. I think she should read the Draghi report because she betrayed it more than once today.”
EU-US trade relations
“Thank you so much, chair. And thank you to all the experts. I will also refer to. Mario Monti. It was very interesting to to hear him. He mentioned Jacques Delors and. Well, there is this famous sentence attributed to Jacques Delors that nobody can fall in love with the single market here in this room. I think we are all in love with single market. We are true believers. Um, but I would like to know in the current context, after the release of the single market strategy, if you believe it's enough to talk about simplification, simplification is not sexy. It can be needed. I don't deny our companies are asking for smoother procedures in order to to be competitive, but are we missing a opportunity with this single market strategy in order to be bold as you asked us, in order to do one step further. And which sectors specifically should be the ones targeted in order to, um, go to the single market of the 21st century? Thank you so much.”
EU Single Market harmonisation
“Thank you. So let's now move to the Q&A session. We will group the question. And then, uh, the, the European Commission will will answer. So I will start with the econ EPP members. Mr. Lewandowski for one minute and a half. Thank you.”
EU public communication strategy
“So, dear colleagues, welcome to this joint BOJ econ committee. Nous allons passé maintenant. So we're going to move now to the dialogue on the IRF in accordance with article 26 of our Rules of Procedure establishing the IRF. Today we have with us Executive Vice President and Commissioner Dombrovskis participating for the first time in the Dialogue on recovery and resilience dialogue that since the new commission took office in December 2024 and at the 17th, dialogue since the start of the RF implementation, due to the transitional period between the two Commission Mandate. And we saw a particularly long break between dialogues because of that. Um, the exchange of views which has just taken place clearly demonstrates how seriously the Parliament takes its role of oversight of the IRF. And given the size and innovative nature of this temporary instrument, it's absolutely crucial to ensure transparency accordingly. We expect to return to the bi monthly, um, rhythm of the RDI foreseen in the regulation from now on, and we will soon relaunch the RF working Group, which will provide members with complementary input from the Commission and other stakeholders on specific topics. And we'll see fact finding missions being undertaken in Member States to assess our RF implementation on the ground. Members expect that the RF be implemented in an efficient manner. It achieves the intended results by means of respecting agreed milestones and targets, and if the program fails to deliver, the EU risks losing the trust of its citizens, which is something we cannot afford at this important moment in time. And I will now give the floor to the chair of the Budget Committee.”
Accounting and auditing of EU budget
“So it was a very powerful president of the EIB, Nadia Calvino, and I will give the floor to another very powerful woman the commissioner, Maria Luis Albuquerque. And I will invite you to give your feedback and your reaction of what the EIB president just said. Thank you, Madam Chair. Of course, I'm happy to join my voice to Nadia Calvino. It is good that we have these moments, these events where we can highlight the need to continue to work for gender equality. It's not only a moral imperative, it's economically needed and imperative as well. It is a driver for competitiveness, for growth. And I truly look forward to the day where we don't have to talk about it because gender equality is no longer an issue. Sadly, it still is. We do. We are fortunate to live in Europe, where women's rights are recognised and where we are further advanced when compared to other parts of the world. But we should not forget every single day, 365 days a year, that this is still not the reality for a significant part of the world. And that's something to bear in mind. So I will obviously support this very just cause. And I would highlight that in Europe we do have some achievements. There's only women sitting at this table today which is actually also good to point out. Thank you. Thank you dear Commissioner.”
Gender roles, equality and inclusion
“Thank you for the left. Gaetano Padula. **Gaetano PEDULLA' Thank you. Chair. I'll speak in Italian. The new pension package won't solve the problem of sustainability, security and transparency. Um, this is something that the Parliament thinks. And you're telling us that it's the case? We need a bit of clarity on transparency. First of all. Strategic investments are a fundamental part of the capital systems. Um, and the contributions based, uh, uh, pension systems. This is also key for social acceptance. This is something that we spoke about just, uh, not so long ago in order to open up our citizens openness to investing in the pension systems. But there's another point. The role of pension funds for SMEs is insufficient, and that's something that you've just confirmed as well. It's significant but still insufficient. So I want to know, what is the new strategy that you would propose to improve this proposal and to provide greater support specifically to SMEs? This is for Mr. Eiopa and better finance.”
EU policy on aging workforce and pensions
“Okay so welcome everyone good morning and if there is no objection objection the agenda is adopted. Interpretation today will be available in twelve languages and speech to text automatic transcription and translation will be available today and tomorrow. You know it work you just have to scan the QR code on the poster or screen with your phone or tablet and a web page will open and you can follow the live transcription. You can even have the translation and choose your preferred language. We will move now to the point three of the agenda adoption of the minute and if there is no objection then the minute of the meeting of five six and seventeenth November twenty twenty five is are adopted. Point four report on ongoing inter institutional negotiation we will start with the retail investment strategy. The fifth trialogue was held on twenty of on November twenty five. The discussion focused on the value for money methodology the investor journey inducement test and trips with the aim of course of filing a political agreement at the upcoming trial. The issues related to the collaboration platform on MIFID II and the electronic distribution and other durable means of the IDD were reevaluated concluded and have been mandated to technical level. The next trial is foreseen for December seventeen. Now on Wednesday twenty six November parliament and council reached a provisional political agreement on the payment services package which consists of the payment services directive three and the payment services regulation core legislator agreed that online platform should be liable to payment service provider who have reimbursed defrauded consumer in cases where they are in for of fraudulent content on the platform and failed to remove it. They also agreed on how to address spoofing fraud where frosted impersonate a customer payment service provider to trick the customer into carrying out fraudulent financial action. According to the provisional agreement payment service provider will have to share fraud related information between themselves and manufacturer of mobile devices which we also have to allow front end service provider to store and transfer data needed in order to process payment. So congratulation to the reporter and also thank you to the Danish presidency for for the good collaboration this in this file.”
Markets in Financial Instruments Directive (MiFID)
“There will be a three tier key with the DGS. Super preference has to bridge the gap. The condition that were maintained should still enable the use of the DGS fund over the resolution. We can so that smaller and mid-sized banks with a positive Pia, uh, that do not reach the 8% of threshold can be resolved for the lowest cost test, the simple and smart solution was agreed a cap equal to the side of covered deposit in SRB governance. A consultation with national authorities will be announced through the board in its plenary session, but the board, in its executive session retained its independence in taking the decision with regard to resolution, policies, general instruction, instruction, etc.. The use of preemptive and alternative measures of DGS has no clear, defined and harmonized condition. Ips will get a specific treatment that take account of their specificities. Technical teams will continue their work in order to turn the political agreement in to legal text. We will put the provisional agreement to the vote after the technical finalization of the text. The first trilogue on the payment services packages took place on July 9th in Strasbourg. A general discussion in the objectives of the package was followed by an exchange of views on the following items. Fraud, consumer protection fees. Transparency and cash withdrawal. The technical level was mandated to start working on the technical element of the proposals on July 9th. The second trilogue on the retail investment strategy took place based on a non paper on simplification delivered on May 2nd.”
European Deposit Insurance Scheme
“Well, thank you. Thank you to the both of you. I just wanted to recall that, um, currency money is a political institution. I mean, I know, I know that as economists, we think of the euro as a mean of payment, as a unit of account, as the state of value. But it is a political institution and it is a pillar of the European Union. So this is why, as legislators, we can from time to time agree or disagree, but we can also, some forbid, some practices that can jeopardise this political institution, which is, I would say, something very precious to us. This is my first point. My second point is digital Euro is about our sovereignty. Digital euro could be also a way to pay things. A baguette in Paris, for instance. Without any costs offline and it will be European. So I think this is for us, something we need also to have to have in mind. And there is another issue that we need to have in mind, which is a balance between private money and public money. And so far, this is I mean, this is very touchy because as you know, money was always a public and private cooperation. But if we are challenged by European or American civil point, whatever it is, then at the end of the day, the balance between private and public money will be very different. And this is something very crucial because because it is like a social contract that we have between the public sector and the private sector. So when we are talking and discussing about the the digital euro, there is also all this that we need to have in, in mind.”
Digital euro
“President, vice president draghi and let a report talk about investment Reindustrialisation. And through this compass you are coming up with simplification and even securitisation. But on the ground that is not what companies want. They are talking about energy prices, unfair competition, especially Chinese unfair competition and industrial policy. That's what they are talking about. And that's what they're expecting from you, especially through the clean industrial deal. Of course, we can move forward with simplification, but killing off the CSR triple D and the Csrd isn't going to work if our problems with the car industry. So if we want industry then we need to make sure we have an industrial policy. It's more important than competition policy. It's not a coincidence that we don't have European big tech. It's Because we're thinking about defending the consumer and thinking instead of defending workers and industry, I think we're going to have to move towards an industrial capitalism instead of financial capitalism.”
Chinese clean tech competition: trade barriers and investment caps vs. open market · EU Competition policy
“Good morning. I'm delighted to welcome here today the president of the ECB, Madame Christine Lagarde. It's a pleasure to see you once again after your presence in the plenary at the beginning of February, uh, when we adopted the annual initiative report of the European Parliament on the activities of the ECB. Uh, and there was a large majority in favour. The monetary dialogues, such as the one we are having today, are essential for the exercise of democratic oversight by the European Parliament. And so, once again, delighted with the cooperation which we've had up until now. And I'm sure that will continue.”
ECB autonomy on the digital euro
“(11:23:28 – 11:23:36): So I will give, any catchy eyes? No? Okay. So I will give the floor back to the commission. **Tilman Lueder (European Commission – DG FISMA): Right. So there are a couple of issues which we need to address here. In relation to these private pensions, it's true that not all investment funds have good returns. There are good investment funds and there are bad investment funds. The returns that you just mentioned, 1 point something percent in a period where the stock markets have performed in double digits is indeed a super bad return, and we would never recommend a product like this. There are however also products which reflect the success of the stock markets and they have double digit returns over longer periods. A lot of pension funds also have annualized returns of 8%, 9% over a decade. So in that sense, there is indeed a challenge to not recommend any product, but to recommend those products which have a decent risk and return profile. This is why we constructed the PEP as a life cycle product because it has high returns in the beginning when you're invested in the markets and then it gradually derisks and goes more into debt and fixed income instruments, which pay dividends, stock which pay dividends or fixed income instruments which pay dividends so that the risk is gradually decreased. But you should not go the initial high returns, because that is how you save money. I think also to in response to the last intervention, there is a difference between a defined benefit, which is a state pension, and a supplementary pension, which is based on the performance of markets. The two are not mutually exclusive. They complement each other. That is why it's called a supplementary pension. Your state pension, which is a defined benefit, so it's x percent of your salary, is gradually decreasing. The defined benefit that is financed through the state pension is in decline. That is why a sort of investment-based supplementary pension is necessary so that you have a decent retirement as you said yourself. So in that sense, I don't see a contradiction between keeping the state pensions, but also supplementing them with a market-based investment tool so that your overall replacement rate is not going to go to 40% of your final salary, but still stays in the 80 or 90% rate. For that, you need to have these supplementary pensions. We're not forcing anybody to do the supplementary pensions, but we do think that you should have fiscal incentives to subscribe to them because the replacement rate by relying on your state pension alone will decline for obvious budgetary reasons. Then there was a more technical question about subaccounts and compulsory subaccounts. I think the subaccounts are essentially a bit of an anomaly in a pan European product, which you should subscribe in every single country in terms of product design, in terms of distribution. The only rationale for the subaccounts is the tax benefits. So if you want to offer this in several countries and if you want to have your contributors also being beneficiaries of various fiscal incentives, you will automatically do the subaccounts anyway because it's part of your business model. So there's no need in our view to make those subaccounts mandatory because if you want to offer this with the fiscal advantages of the different host member states, you will basically have to do subaccounts to accommodate these fiscal differences anyway. Therefore, we are not making them mandatory, but we're not actually saying that you should not have subaccounts. Overall, the message is we're not trying to replace public pensions. I think the rapporteur was extremely clear on this point as well. We are trying to supplement the declining replacement rate that those pension systems will have to have a decent return. We're using all the means at our disposal, including markets, including investment tools because these investment tools are not there for their own sake, but they're there to give you a better retirement income. Thank you very much.”
Financial regulation
“Good afternoon. Very happy to welcome Dominique Labrecque, chair of the Single Resolution Board. Uh, yesterday in the committee, I reported back, uh, on the agreement reached on the CMG package. It was a tough negotiation, as you know. Uh, but I think that the resolution framework will be announced. With the CMG, uh, reform, the parliament and the council found common ground and agreed on realistic conditions on the bridge gap, enabling funds to be now used for small and medium sized banks to reach the 8% of threshold and tap into the resolution fund. Also, the XB governance structure that we agreed upon gives the board, in its executive session, the final say on SRB policies, just to mention two topics of the agreement. I think that the members of the committee will be very happy to have your feedback on this, on this agreement. So without further ado, I will give you the floor for five minutes and then we will have the Q&A session. Welcome, Mr..”
European Banking Union
“Okay. Dear colleagues, I have a few things to read before we have an exchange of view. With the Minister. Thank you. We will start with the adoption. With the adoption of the agenda. And if there is no remark, the agenda is adopted. Um, I have a few announcements. So today interpretation will be in 12 languages. Um, coordinators agreed to allocate the Econ initiative report Safeguarding and promoting Financial Stability amid economic uncertainties to ECR coordinator agreed to request authorisation to draw up an additional own initiative report entitled Access to Finance for SMEs and scale UPS coordinators agreed to no longer include lines for the original text in the voting list of own initiative report regarding the mission coordinator agreed to postpone the mission to Canada, initially planned in May. Limit the July US mission to California with a focus on building an ecosystem for venture financing. Meeting with US interlocutor based in DC will be planned during the mission to the IMF annual meeting in October. Also, coordinator decided to invite for a public hearing the chair and members of Esma, CCP Supervisory Committee, whose term of office will be extended by a decision of Smac's Board of Supervisors regarding Economic Governance. Coordinator agreed to propose to the Conference of Presidents to renew the term of Mr. Lamassoure as a European Parliament. Non-voting member of the Steering Board for the Investeu program. Coordinator agreed to suggest that the following topics be included in the ECA Work Programme 2026. Effective and efficient implementation of the revised EU's Economic Governance Framework. The new Anti-Money Laundering Authority and report on the equivalent regime and active Account obligation under Emir. Uh coordinators agreed to organise a in-camera meetings open to all interested econ members with the Bank of England governor on um February 18th, 2025, and with the FCA chief executive on March 19th, 2025.”
EU fiscal rules and oversight of national budgets
“The proposal amending the institution. Institutions for Occupational Retirement Provision directive. The Irp2 directive. This proposal follows several key developments. Experts and social partners highlighted in 2019. How supplementary pension can help ensure adequate retirement income in addition to robust statue. Statutory pensions. Pensions. The European Court of auditors found in 2024 that EU action in this area had been limited and needed strengthening. In March 2025, the Commission underlined that supplementary pension could help mobilize private savings for long term investment and better retirement retirement outcomes. It is therefore integrated to the European Savings and Investment Union. In November 2025, the Commission presented its proposal to update the IRP directive. And just last week, we had a hearing on the role of pension funds and insurers in capital markets, which I think provided useful input to today's discussion. Okay. Sorry. So the rapporteur is late. Okay. Okay, so we're waiting for the rapporteur. My apologies since we were late. I thought they were already here.”
EU policy on aging workforce and pensions
“It's a pleasure for me to open this first session after the summer break, where we resume our work on the digital Euro. Now, the digital euro is a very important subject for the sovereignty of the European Union. It's particularly important for European citizens purchasing power. It's also important for our freedom, the freedom for us to control our data, which we do not want to see in the hands of a foreign power. It's a great pleasure for me to once again meet with Piero Cipolloni, a member of the governing board of the European Central Bank. You will be sharing with us the progress that the European Central Bank has been making with the digital Euro and the context. It's not always easy. A lot of fake news out there and disinformation on the subject of the digital euro. But your approach has been very constructive. There was a report published in July, and we are very attentive to what you have to tell us. You could speak for five minutes or maybe a little longer. It's a very important subject, of course, for the European Union and its sovereignty. It's got a political and economic significance. And afterwards we'll have a question and answer session. And I'm sure you're used to the format. So I'll give you the floor, Mr. Cipollone.”
Digital euro
“Yes. May I add something? Um, this commission, uh, was created and exists because there is a majority, because there is a support from some political groups. And if I understood correctly what the member of the Econ committee said tonight, I have the feeling that those political groups that support the commission, all of them, are a little bit frustrated. And the one that do not support you are not. So this is a political message I'm sending to the European Commission. Pay attention to these kind of messages. Okay. Thank you so much for your time. And thank you for answering this question. Thank you.”
Von der Leyen
“Thank you so much for your presentation. I don't know if there is a member of the committee who wants to take the floor and ask a question. You're you're I don't know, but maybe I can start with something. Uh, I just wanted. You were mentioning holding limits. Most of the time when we are discussing holding limits, it's with the banking institution. And they want this holding limit to be very low. This is basically their main concern. So it was, I think, very new for us to hear someone that say, okay, if you want to be credible, then you need to have a very high, very high holding limits. But it was interesting to, by the way, because I think this is a very different point of view. So for you, uh, could it be because when you think you talk to, you discuss this matter with banking institution. So like if there is no holding limit, then we will have some trouble with our deposit. It will be the end of the world, etc. etc. and we could also create some problem for financial stability in case of a bank run. I mean everyone will have will want to leave this commercial deposit and go to the ECB or something like that. So there is a lot of narrative around the holding limits. So could you say something on this, especially to, uh, maybe to say to the banks that there is no problem at all or maybe there are some problems and it will be more than happy to discuss them. But I would like to have your view on this.”
European Deposit Insurance Scheme
“Can go back to your seat, but I understand you need to talk. Of course. Okay, so I'm now pleased to welcome Peter Hazekamp, chair of the European Fiscal Board, to this exchange of views with the Econ Committee. Our previous exchange was held in March 2025, ahead your appointment by the Commission. The Efb published its 2025 annual report last October. And basically, you're here to explain us what is in this report. So since we are quite late, I will right away give you the floor for your presentation. And then there will be a Q&A session with all members. And welcome.”
EU fiscal rules and oversight of national budgets
“Thank you. And for the EIF. ** Daragh BROWN (European Investment Fund): Thank you very much. Um, I will add a few points. Um, the first is that indeed we continue to report on Efsi. So this is an up to date situation is uh, is available. Um, and in particular, I would like to stress that, um, when we deploy such program, uh, we have a very robust system, starting with a call for expression of interest. Uh, the due diligence, then the contractual arrangement in which we enter with the financial intermediary under which the financial intermediaries commit to do a number of things, and, of course, to deploy the funds according to the requirements in the risk areas, for example, for SMEs that they would not serve before in the risk areas, they would not serve before and things like that. All these requirements are followed up. They are monitored. If, for example, an intermediary would not deploy well, in that case the guarantee is cancelled. So there is no loss. It's not like there would be suddenly money that would be dispersed and not used. This is not happening. So this is very seriously followed. You can imagine that this is this is our collective reputation that is on the line. So that is and we apply exactly the same due diligence, even stronger for these types of products than we would apply for, for our own, for our own capital, of course. ** Daragh BROWN (European Investment Fund): So I wanted to reassure that there is a mechanism, that there is a very robust mechanism there, and that in case, for example, there's a cancellation, this is not something that leads to a loss for, for the, for the EU budget. And I wanted to say a few words on the additionality because there was quite some discussion on it. I think additionality is indeed not a simple concept in intermediated finance. I think there's two main steps. The first one that everybody thinks about is, of course, when the SMEs get the funding and that's of course logical. But there's one before at the moment we signed the transaction, which is to put all the funding necessary. You're not you're aware of the difficulties of the capital markets union and the difficulty to get private investors to invest in those types of companies. That is happening at the beginning when we sign a transaction. And that is actually the biggest hurdle. That is much more difficult to get private investors on board. When we sign a fund, for example, an investment in a fund, then it is then to deploy the money down the line in your one, two, three, 4 or 5. ** Daragh BROWN (European Investment Fund): And that is the difficulty. That is the challenge for Europe. And that is where I must say if Efsi. But even more Investeu has proven very valuable because it has been able to attract those private investors alongside alongside us in the funds in which in which we are investing. So just want to be to to bring a word of caution there about the notion of additionality. Finally, maybe one last comment on the point about the windows and and the policy focus. I think the windows have helped, and investeu in that respect is definitely even more policy focused than than Efsi because of the various windows, because of the various requirements, which are very specific in terms of the targeting. So the targeting is has become more precise. But there again, it's a balance because at a certain point, if you start to fragment, if you start to be very, very specific in terms of the target areas, then the flip side is that it becomes increasingly complex. And you you may actually accidentally exclude certain types of uh, of um, of SMEs, for example, that would that would deserve support. So it's it's not an obvious answer. It's a balance between between the two. Thank you very much.”
Accounting and auditing of EU budget
“In Strasbourg, Co-legislator reviewed and on paper on the simplification aspect of the regulation that the Commission delivered in May, as requested as the first trilogue in April. Co-legislators also exchanged views on the step ahead. In particular, as concerned the contentious items of scope and role of the gatekeepers, the discussion helped gain mutual understanding on the respective position on other political items such as data, schemes and fibs. The respective position do not appear to be that far apart, which will allow for easier continuation of the negotiation under the Danish presidency. Um, then the first and final trilogue on the key proposal that is shortening the settlement cycle to T plus one was held on June 18th. During the trial, Co-legislator reached a provisional political agreement on the main item in their respective position. An exemption of certain types of security financing transaction from the T plus one requirement, together with the mandate to Esma to monitor and report on the situation, and the Commission to adjust the delegated act on cash penalties if needed. The work at technical level will now continue in order for Co-legislator to vote on the provisional agreement in court and econ, respectively. E nous pouvons passer.”
Regulation of crypto
“Today, we are looking forward to hearing from the two commissioners about the latest state of play of the RF implementation and the various developments which occurred since March, notably concerning Member States progress toward achieving milestones and targets in the compliance with transparency transparency requirements, the Commission's assessment of persistent implementation delays and ways to address them. The Commission's assessment of the payment requests made by Member States since the last RDI, and the latest revision of national plans and their implication on the ground. Before we start today's dialogue. Dialogue. Let me mention some housekeeping rules. The Commissioner will be given seven minutes each for their opening statement. This will be followed by the question and answer session with budget and econ members, whereby two members from each group, one from Belgium and one from econ, will be allowed to intervene. Members will have two minutes for questions and two minutes will be taken together. Each commissioner will have four minutes to answer. Thereafter, a session with one minute per question will follow after the round of political group. We understand that Executive Vice President Raffaele Fitto will need to leave at 8 p.m. to participate in plenary debate. This is something I think we can understand and I will give him right now the floor for seven minutes. Dear Vice President, the floor is yours.”
Conditions to access EU budget
“Thank you, dear chair. Today we are looking forward to hearing from the Commission about the latest state of play of the RF implementation and the various developments which occurred since September, notably concerning Member State progress progressed towards achieving milestones and targets and their compliance with transparency requirements, including information on final recipients, the Commission assessment of current implementation delays and measures taken to address them. The Commission's assessment of the payment requests made by Member States since the last and the latest revision of national plans and their implication on the ground. Before we start today's dialogue, let me mention some housekeeping rules. The Commissioner will be given seven minutes each for their opening statements. This will be followed by a Q&A session with members whereby two members from each group, one from Birch and one from econ, will be allowed to intervene. Members will have two minutes for the question and two questions will be taken together. Each commissioner will have four minutes to answer, and thereafter we catch up of the eye with one minute per question will follow after the round of political group. I will now give the floor to Executive Vice President Rafael Fitto to for seven minutes. Welcome.”
Accounting and auditing of EU budget
“A French speaker. I very rarely take the floor and speak French, but we are we do have a large defense sector and we have a lot of debt as well, the defense industry and you. Okay, so we have to look to the future. We do need flexibility on these budgetary rules. France is responsible for quite a large part of European defence, but we are heavily indebted. So if I may also I do have a certain concern on the discussion we've had the whole morning in the Econ committee. We've just talked about financing defence. I think we've talked about all of these elephants in the room. But France does contribute hugely de facto to French defence. Hugely indebted. Have more flexibility. Will that be enough? Thank you.”
Defence spending
“Very well then so we have a very long day ahead of us so I propose we start on time. So point six our public hearing on challenges for the competitiveness and integrity of the European Union financial system and we have some guests today madame Stephanie Leroy head of digital assets competence center at Euroclear miss Stephanie Cabosuras chief strategy and global policy offer of foresch of the Societe Generale group and member of the board of directors of the association for the development of digital assets. You were in a previous position and and and you're in finance France yes many of you used to work for there which was mentioned before and I'm mentioning it because maybe some MEPS don't know this but we we debated this topic because we had the director of of AMLA because we had issues about why how's ZZ could be integrated in the US but not in in France. Then we have mister Francesco Matoferro head of the secretary of European systemic risk board welcome mister Eric Monet yeah I believe he's here as well professor at the at the Paris school of economics. The aim of this public hearing is to contribute to the debate of our committee on a report on the digital assets challenges for the competitiveness and integrity of the European Union financial system for which our colleague Johan von Oberfeldt is a rapporteur. He is not here today but he has a lot of work to do right now so I will give the I'll hand over the floor to you this is a very important topic for us because this is about sovereignty it's about monetary sovereignty but also about financial stability and we're at a moment where geopolitical were being attacked more and more at the European level. So just about the choreography of this meeting each speaker will have seven minutes to give a brief introductory statement and then we'll have a Q and A session and so now I hand the floor to miss Louraud for her opening statement so you have seven minutes each I'll be very strict on the time today we have a very long day we even have the so you've been central bank later on today so madam Leroy over to you.”
Regulation of crypto
“To avoid an appointment, uh, of the, uh, vice president of the European central banks, Mr. Boris Vucic. It's a buy. It's a secret vote by electronic vote. And the vote is open. The vote is closed and it is approved. The appointment is approved. Congratulations to Mr. Vucic. We now move to the appointment of the chair of the European Banking Authority, Mr. Francois Louis Michaud. Same process. Secret ballot via an electronic process. What is open? What is closed? And it? It is adopted. So congratulations also to Francois Louis Michaud. Thank you for this voting session. The next item of the agenda will be an exchange of views with Nadia Calvino, the president of the European Investment Bank, in 20 minutes. ***Exchange of views with Nadia Calviño, President of the European Investment Bank Group (EIB) and Chair of its Board of Directors”
Discharge of EU institutions and agencies
“Thank you very much for one Mr. president. Commissioner. For many of our fellow citizens, access to public money is necessary because it's available without a cost. It's universally available, and it's the only. Thing that protects our monetary autonomy. But today, access to cash is becoming, you know, a real obstacle course because bank branches are closing down and small retailers and elderly people find themselves deprived of an essential payment tool. Today, the world is changing. Is switching to digitalization. And on the internet, of course, you can't pay with notes and coins, and that's the reason that we are trying to create the digital euro precisely to be able to pay cash in the digital world. Uh, Let's be clear. Defending the digital euro is defending the cash of the new world. It's defending the most modest in society and the most vulnerable in society. Don't allow yourselves to be swayed by all the fake news that you hear on the subject today, and all the propaganda which is being bandied about on this in a shameful way.”
Digital euro
“Thank you, chair, and I will be asking the next question. I'm replacing my colleague, who unfortunately couldn't come today, and I'd like to speak of the judge, Nicola, from the International Court. He has been subjected to American sanctions and he's been cut off of everything Airbnb, Amazon and even his payment means. So this shows our vulnerability towards the outside world when we speak of payment tools. We've said that repeatedly here. Now considering this case, the digital world, how much will it reinforce our strategic independence to protect citizens against this type of financial vulnerability? That depends on external forces. It can be very hard. And how can the European Central Bank act to protect from these these events. I am shocked that a high level judge finds himself in this type of situation.”
Digital euro
“Thank you so much for being with us today and for answering to all of our questions. Thank you. It's a pleasure for us. Thank you so much. The vote will be in 30 minutes. Okay, so if you have time to have a coffee or discuss inflation. ***Vote on European Semester for economic policy coordination 2026”
European Semester (social dimension)
“Okay. Resuming our work in the econ committee, we just discussed financial stability. An important matter in the current context. Now we have the pleasure of welcoming Commissioner Valdis Dombrovskis for this economic dialogue. This is happening two years after the entry into force of the economic governance framework. And it's important to take stock of the implementation of the first budgetary and structural plans of the member state. But today I believe we've got different concerns. We've got a new conflict in the Middle East, which is having an impact on our. Economies, on oil prices and growth and our member States budgetary capacities. We all read the Financial Times this morning. They mentioned crypto being used for the Strait of Hormuz, and we want to hear about stagflation, about revisions of growth predictions and the member states budgetary capacities. So I believe this is a very timely moment to have this economic dialogue. Dear Commissioner, I'll hand over to you in just a second.”
EU fiscal rules and oversight of national budgets
“So good evening everyone, and we would like to warmly welcome Commissioner for climate Net Zero and Clean Growth, Mr. Hoekstra, who is joining us today for an A structure on dialogue on the Commission Work Programme for 20 2020 2026. Apologies. The work programme includes five tax related proposals that the Commission intends to withdraw within six months, including transfer pricing and shell and debris. As you know, Parliament has adopted its position on those proposals. Therefore, we were very surprised not to find in the work programme the specific reason behind the withdrawal of each proposal, especially As this falls short of the requirements set out in the Interinstitutional Agreement on Better Law Making and the Framework Agreement. In your letter of January 21st, you referred to the lack of progress in the legislative process process since the adoption of these proposals as reasons for withdrawing them. We hope you can be more specific today. Thank you. Secondly, we are interested to understand which elements of those proposals will continue to be pursued within the ongoing simplification exercise, exercise and incorporated into the upcoming omnibus directive of future legislative initiatives. We are also looking forward to hearing on the progress made by the Commission to identify a coherent, coherent tax framework for the EU financial sector, which was mentioned in your mission letter. So I will give you we will give you the floor for an opening statement. And then there will be a Q and A session. Uh, and of course, if it's possible, if the time allow. So now I would like to give the floor to commissioner for seven minutes. Okay.”
EU competences on taxation
“Today.Good afternoon everyone. Let's start our exchange of views on the digital euro. I'd like to wish you a very warm welcome to our commissioner, Valdis Dombrovskis. Welcome to econ. I'd also like to, uh, welcome, uh, John Barragan, director general of Fisma and a member of the Executive Board of the ECB. This exchange of views in econ is a chance for us to go into greater depth and get started with our work on the digital Euro. Before we get started, I'll give you some contextual information. A currency is not just a means of payment. It's also a political institution. And it reposes on something that's very fragile and that is trust. When you think about the creation of currency, well, trust can only be based upon strong institutions and strong sovereignty. And I'd like to thank the ECB for having brought those values to us. Currency has always been a public private partnership. There's a balance between central bank money And commercial money. And if we do not develop the digital euro, if other currencies like stablecoins are going to develop, but then we risk breaking that balance, which is an incredible civilizational advance in the debate today. I'd like us to be very careful because we might have some legitimate question marks. That's the role of a parliament when it comes to the proposals that are being made to us. But we also need to pay attention to fake news. We need to ensure that we have the terms of this debate spelled out in a clear and fair manner. The digital euro is not there to replace cash notes and coins.”
Digital euro
“So. Good evening, everyone, and welcome to this joint econ on pole meeting. Should we start this meeting? Thank you. If there is no objection, the agenda is adopted. Interpretation today will be available in 19 languages. And now we can move to the point three of the engine. The Joint Economic Dialogue on the European Semester 2026. And I would like to welcome Executive Vice President and Commissioner Dombrovskis to today's economic dialogue on the package of the 2026 European semester and the package published on November 25th. Kickoffs. The 2026 European Semester cycle. Sending out the European Economic and Social policy priorities for the coming year. This is the second full cycle under the Reformed Economic Governance Framework, which entered into force in April 2020. For the package this year consists of several documents, including a communication on the medium term fiscal structural plans, a proposal for a recommendation for the economic policy of the euro area. The 2026 Alert Mechanism report opinion on the member States, draft budgetary plans, the Post-programme Surveillance Assessment, and the Joint Employment Report. The package also introduces, for the first time, a European macroeconomic report and a recommendation on human capital to increase productivity and boost the EU labour market. Drawing on the autumn 2025 economic forecast, the Commission notes that the EU is demonstrating resilient growth but is also facing structural challenges, including low productivity and democratic demographic pressures. Democratic two. We have also taken note that seven member states are identified as experiencing imbalances or excessive imbalances, and that three member states have not yet submitted a draft budgetary plan. Additionally, nine member states are currently under the executive deficit procedure, with this number bound to increase in the future. In this context, we are looking forward to hearing from the Commission today about the key priority for 2026, the Commission assessment of the implementation of the EU Economic Governance Framework and the guidance to Member States for facing the challenge ahead. And I will now give the floor to my colleague, the chair of the Committee. Thank you.”
EU fiscal rules and oversight of national budgets
“I think to the point nine of the agenda. And I would like to welcome Klaus Lebert, Nicoletta Giusto and reinvent to the Econ committee meeting, the first term of office of Klaus Lieber as chair of the Supervisory Committee, and Nicoletta Gusto and Franklin Vente as independent member of the supervisory committee, are coming to the end on November 30th, 2025, by email of April 7th. Seven. The ACMA chair informed me that the Asthma Board of Supervisors decided on April 3rd to extend the term of office of the Supervisory Committee chair and independent members for an additional five year period. At their meeting of January 28th, coordinator decided to invite for a public hearings a member of the Supervisory Committee whose term of office will be extended, so I will invite the three guest speakers to make an opening statement of three minutes each. The statement will be followed by a joint discussion with the members. There will be the usual three minute slot for a question of one minute up, 1.5 minutes for the questions, three minutes for the answer. Sorry. So I will now invite the chair of the Supervisory Committee and director for central counterparties at the European Securities and Markets Authority, to give his opening statement for three minutes. The floor is yours if you are ready. We can wait. Okay.”
Discharge of EU institutions and agencies
“Madam president, madam president, Commissioner. Colleagues, I want to talk to small traders. And their commissions have exploded this year. And the American card payments. All our means of payment are American. And people in Europe have understood what this means to be in the grip of Trump's administration. I want to tell these people that we it is possible for all our means of payments to be European. I want to tell them that we could already have had something like that. If we, you know, had done what was necessary. We had the digital euro, which has been very late coming in because of the opposition from the banks. Let's be honest, they, you know, gain from the situation at the moment because, you know, of the policies in place. But I think it is time that we release the Europeans. It's time to release them from the clutches of the Americans. And it is time to insist for you, as Europeans to insist that we have a digital Europe. Ask your banks, ask your MEPs.”
Digital euro
“President. Commissioner. Colleagues. Well, I have been in contact with the ICC court judge for months now because. Uh, the judge is going through a very difficult situation. Uh, I've been with the judge all over the place when they've been to see people in the Elysee Palace elsewhere. Nothing's happened, and they can't make payments because their card's been stopped. So what are we going to do? I mean, we are the continent where the rule of law rules supreme. Apparently, international law is respected, but, uh, the idea is for the commission to protect its citizens and its judges and prosecutors rather than itself. So. You know, you've got to be pretty naive to think that you can use diplomacy to get Trump to change his mind, to appease Trump. And even if he does change his mind, he can always reimpose those sanctions at some time in the future. So please, let's use this blocking statute.”
Support for International Criminal Court
“Thank you. And, uh, on the behalf of the Econ Committee and on my personal behalf, I wanted to to send our warmest thoughts and a swift recovery to Johann von an overfilled and I hope we hope we will see him back very soon and in. In good health. Uh, so today we are looking forward to hearing from the Commission about the latest state of play of the implementation and the various developments which occurred since June, notably concerning Member States progress toward achieving milestones and targets in their compliance with transparency requirements, including the voluntary sharing of information on final recipients, the Commission assessment of current implementation delays and measures taken to address them. The Commission assessment of the payment request made by Member States since the last audit, and the latest revision of national plans and their implication on the ground. Uh, some words on the housekeeping rules. The commissioner will be given seven minutes each for their opening statement. There will be a question and answer session with budget and econ members, whereby two members from each group, one from budget, one from econ, will be allowed to intervene. Member will have two minutes for the question and two questions will be taken together. Each commissioner will have four minutes to answer. Thereafter, a catch the eye session with one minute per question will follow after the round of political group, and I now give the floor to Executive Vice President Raffaele Fitto for seven minutes.”
Accounting and auditing of EU budget
“Thank you, dear chair. And again, welcome back. Very happy that you're back with us. I would like also to welcome Director General Selingo to this Joint Budget Committee meeting today. We are looking forward to hearing more about the reform project for which Member States requested support and how the Commission ensures that the project, supported by TSC, achieve long term results even after the support stopped. We are also keen to understand how the TSC supported Member States in implementing the National Recovery and Resilience Plan and how it contributed to the European Semester country specific recommendation. Additionally, we would like to get some information on C's role in those reforms that support Member states. Improve access to finance to boost investment. Let me say a few words now about the choreography of this exchange of views. Director general will be given ten minutes for an opening statement. This will be followed by the question and answer session with Burgess and members grouped in two blocks. Members will have 2.5 minutes for questions, and the Commission will answer questions per block for eight minutes each time. The Catch the Eye slot, starting with Non-attached members, will be one minute for each question, with Director General Gower answering all questions in block. I will ask you to strictly respect the time given to you, and I now give the floor to Director General Gower for ten minutes. The floor is yours.”
Accounting and auditing of EU budget
“(11:41:58 – 11:42:15): Thank you. I think that Rasmus, Andres, and he's not in the room for the Greens. Okay. So Jean Marc Germain is not here for Berge. So I will invite Miss Dominica Bighorn, EESC corporator on this file to take the floor.”
Activities of EU Ombudsman
“I will ask you to speed up a little bit to make sure that the Commission, the ECB and the IMF could also answer to the question.”
EU public communication strategy
“Thank you so much. And the vote on your appointment will take place tomorrow. Thank you for being with us. 5. Report on ongoing interinstitutional negotiations”
EU political integration
“Good morning. I'm delighted to welcome here today the president of the ECB, Madame Christine Lagarde. It's a pleasure to see you once again after your presence in the plenary at the beginning of February, uh, when we adopted the annual initiative report of the European Parliament on the activities of the ECB. Uh, and there was a large majority in favour. The monetary dialogues, such as the one we are having today, are essential for the exercise of democratic oversight by the European Parliament. And so, once again, delighted with the cooperation which we've had up until now. And I'm sure that will continue.”
EU political integration
“Thank you very much. We need to count on this Parliament. I think the Parliament moves faster than the council, actually. So I'd like to remind the European Commission that sometimes they can make decisions very quickly with sometimes forgetting that there is such a thing as the European Parliament. I'm not talking about, you know, present company accepted. I mean, but, uh, I think the council is a lot slower than the European Parliament, notably when it comes to Trilogues. I give the floor to Nikos Papandreou.”
EU political integration
“Thank you very much. Thank you very much, colleagues. And also thank you to the shadows. And indeed, the question of financial education is an important part. Financial education, however, cannot be a substitute for proper consumer protection regulations. Thank you very much to all the shadows for their contributions. I am sure that we all would like to thank the Secretariat for all of the work that's gone into this report. We do want a strong message, but it's only natural that there are differences of opinion among ourselves. Supervision. Taxation. Omnibus. Banking. Union. In. So it's good that we are able to have constructive debates on these subjects. Vote in econ is planned on the 23rd or 24th June.”
Financial regulation
“Any request for the floor? No. Well, thank you very much indeed for this exchange of views. I think, as Eric was saying, it's great to have a discussion about stable, rational things in this current world. So thank you very much. Um, it's good to be able to look at this on a regular basis because things are moving very quickly. Thank you very much for responding to all of our questions on stablecoin, on private credit, on finance, on cooperation with United States, cryptocurrencies and so forth. I think you were very clear in your responses. So thank you very much. And I look forward to the next time we can host you here in the econ committee.”
Use of stablecoins
“Thank you. I want to ask you a question in French, if I may. Earlier, I was referring to proliferation of drug trafficking and crypto. What's the connection? It appears there's quite a clear connection. Narco states and growth of crypto in Europe. They're opaque, rapid, fragmented. Criminals are finding ways to do what they want, when they want. So what's the toolbox there for tackling it? Now there are larger platforms that we can tackle that perhaps inadequately regulated in order to deal with money laundering issues. So I think this is no longer a marginal issue. It's a systemic issue. The US is completely changing tack on this issue right now. So we're really counting on you to try to put a halt to this dimension of money laundering from drug trafficking, which is coming into France and elsewhere. So it's not only about money laundering, it's about drug trafficking and other issues too. So what action can you take to deal with specifically narco linked crypto laundering, The drugs agency and certain specific agencies and platforms. How can they be brought into this? And in terms of the array of measures you have at your disposal, what kind of joint measure could be brought into place linking crypto and drugs? Particularly looking at the flows now, I know you're building amla as you go along in a way and people are already saying what are the results? Nonetheless, with understanding for that, I think this is an area where there could be big results achieved quickly. Thanks.”
Anti-money laundering regulation
“Thank you. So the minority position should be adjusted. I'm sorry, as it relates in part to matters we do not relate to the content of the report, which has just been voted, and therefore that part of the minority position is not admissible, so the tire will come back to you. Thank you.”
Jurisdiction conflicts between EU and national courts
“Madam president. Commissioner. Colleagues. One year ago, the Draghi report was published. It was a warning about the European economy falling behind the very survival of the European Union as an economic power. Growth is too low. Too little investment, too many barriers within the single market. There was a preference for. Too many directives in favour of regulations, too much complexity, too much fragmentation in the capital markets and a lack of a digital industrial policy. Now we're talking about 600 billion. 300 billion. Is the amount of savings that leaves Europe to finance foreign economies, primarily the USA. So you can compare those two figures. Over the 400 pages of the Draghi report, there were only four paragraphs that have actually been mentioned in the political debate. That's the stuff on simplification and securitisation. So we know that it's not going to be simple to try and get the the private sector moving to, uh, do the necessary investments. Fortunately, the commission started off with a capital markets union, which has now been transformed into a savings and investment union. That's good news because not many people have heard about the Capital Markets Union. Despite the hard working efforts of some members, I'd particularly like to salute the work of Isabel Benjumea, who has, uh, really kept going on capital markets. The commission has now looked again at this work on Capital Market union, and now it's time to look at the details.”
EU Single Market harmonisation
“Good morning. It's my great pleasure to welcome Mr. Andrew Bailey, governor of the Bank of England and the chairman of the FSB. He is here in his capacity as the chair of the FSB, FSB. And I think it's particularly important to hold this exchange of views given the current situation. Private credit in the United States, uh, is something that we're concerned about. We don't quite know what the impact is on the European continent is. Then we have the energy crisis. Uh, member states have very limited budgetary capacity to respond to that. And we don't really know what's happening with the conflict apart from anything else, then we have a US government that may well move towards some kind of deregulation. It's a bit difficult for us to understand exactly what they want to do in terms of financial stability. And then you have the role of cryptocurrencies and stablecoins. I'm sure everyone here reads the Financial Times every morning. And you'd have read this morning that, uh, Iran was asking countries for cryptocurrency to get their ships through the Straits of Hormuz, which I think is a pretty major subject. So there's a lot to talk about. I think, uh, a lot for us to discuss with Mr. Bailey. And, uh, this meeting is particularly timely, I think, so that we can hold this discussion. Our committee in the parliament adopted a report on the need to preserve and promote financial stability, given the economic uncertainties that we face that was adopted in January. The FSB has an annual report as well, and the 2025 one was on promoting financial stability across the globe. So, uh. It's great to have you here, Mr. Bailey. And let me now give you the floor for an opening statement. Five, six minutes. Uh, and then we'll hold an exchange with members of the econ committee. Thank you.”
Use of stablecoins
“And now I'll speak French. Welcome to this public hearing on the global role of the euro. And I'd particularly like to welcome our speakers, Shahin Valle from the German Council on Foreign Relations. Welcome to you, Thorsten Beck, the vice chair of the advisory scientific committee. You're very welcome. And Marie-sophie Lapp, an analyst from Bruegel, we're very pleased to have you here with us. This is a very important panel for us in the current situation. A new role for the euro at international level. What will the consequences be? Will it be good or bad from an economic point of view for it to play that role? We know that there are doubts at the central bank and amongst some economists. And if the euro is challenged. Through American stablecoins, the issue of fungibility is particularly important. All of these things are being discussed here in this House. And for all of these reasons, you are more than welcome here today. It's a very important subject for us, as this committee is currently working on an own initiative. Opinion on the global role of the euro, the rapporteur being Rasmus Andreasen marks.”
Use of stablecoins
“Thank you, dear Johan. With less than one and a half years left to bring the archive to a closure, implementation needs to be accelerated in most, if not all member states by the end of May 2025. Disbursements had reached a 300 and €1,500 billion, 4,049% of the total RF envelope, amounting to 57% of the available grants and 38% of the available loans. Around 31% of all milestones and targets have been assessed by the Commission as fulfilled, and member states have reported an additional 21% as completed in order to maximize results. In the face of delays, the Commission adopted the Communication Next Generation EU The Road to 26 on June 4th. The communication provides guidance to Member States on how to further streamline their national plans, which option to consider when revising them, and how to plan ahead for the submission of the last payment request in 2026. Meanwhile, the European Court of Auditors published its review reports on performance, orientation, accountability and transparency lessons to be learned from the weaknesses of the SRF in May. The report affirms that RF reporting is user friendly, but provides limited information on performance and faces risk in relation to data reliability. Moreover, it concludes that the RF focuses on implementation progress rather than performance, and that the RF compliance framework and rules for the protection of the EU financial interests are not sufficiently robust.”
Accounting and auditing of EU budget
“So, dear colleagues, if you can go back to your seat, we will proceed very soon to the vote. And we will start with a test vote. As always, I open the vote. One pass. And I close the vote. Okay, so it seems to work pretty well. Okay. So we now pass on to the, uh, to agenda item 11 regarding the vote on the Ina, on facilitating the financing of investment and reform to boost European competitiveness and creating a Capital Markets Union report by showing of and compromise a when is in favour or is against or abstain. Adopted. We move to compromise B who is in favor? Who is against? We abstain. Adopted. We move to compromise. Seek. With. In favor. With. Against. We abstain. Adopted. We moved to compromise. Who is in favor with. Against. We abstain. Adopted. We move to compromise. E with in favor. With. Against who? Abstain. Adopted. We move to compromise. F with in favor. With. Against who. Abstain. Adopted. We moved to compromise. With in favor. With. Against. We abstain. Adopted. We moved to compromise. H with in favor those against or abstain. Adopted. Remove to compromise. I was in favor with. Against. We abstain. Adopted. We moved to compromise. J with in favor. With. Against. We abstain. Adopted. We moved to compromise. Case in favor. With. Against. To abstain. Adopted. We go to compromise. With. In favor with. Against. To abstain. Adopted. And we go to the final vote by vote. I open the vote.”
EU political integration
“Okay. Good morning. Good morning everyone. You can please go back to your seat. We will start this. Thank you. This meeting. And if there is no objection, the agenda is adopted. Uh, interpretation is available today in 12 languages. We will move to the adoption of the minutes. Uh, for the minutes of the previous joint meeting of March 20th and June 30th. If there is no objection, they are approved. And now, uh, our next agenda item will deal with the directive on, um, in the omnibus for package for icon. The proposal mainly concerns MiFID, where the Commission proposes to extend certain exemptions currently available to small and medium sized enterprises and also to small mid-cap enterprises. And I give the floor to the chair.”
Markets in Financial Instruments Directive (MiFID)
“There he is. Okay. So the rapporteur is here. Uh, so we now turn to the consideration of amendments on the financial activities of the European Investment Bank. Annual report 2024. As usual, the Budget Econ committee alternate in preparing an own initiative. Annual report on the EIB and this year. This year it is a concern. The draft report of the rapporteur, Francisco Assis for the PSD was presented and discussed in Econ on April 8th. A total of more than 300 amendments were tabled and then circulated to all members on April 25th, and I will now give the floor to the rapporteur, Mr. Assis, for six minutes.”
Accounting and auditing of EU budget
“Welcome back, dear colleagues. I will proceed in French. I would like to welcome. Dominique Labrecque, chair of the Single Resolution Board for this third public hearing in the Econ committee in 2025. Thank you. You've just landed from the United States not very long ago. So thank you very much for coming to be with us. Uh, on time and before starting the exchange of views. I would like to congratulate the Single Resolution Board and wish it happy birthday. It's its 10th anniversary and you've just celebrated that with a dedicated conference. And as you know, today we have a vote on Cm-dii. We've been waiting for this for a long time. I'm sure the SRB has as well. I would also like to take this opportunity to congratulate all of the rapporteurs and shadows who've been involved in that. And I would also like to thank the council, particularly Johan Drop, who was extremely committed to working on this and allowed us to make progress, and also other teams. Perhaps a special thanks to Ben, Monika and Anna. Thank you all for the excellent work that you've done. We've been able to make progress on Cmdi. And so there's one more pillar of the banking union. It's the banking union that will only be fully functional once we have this third pillar. And once we have the banking union, we're going to save billions, as the Parliament services have shown. So without further ado, I'll give the floor to Mr. Lavavex. You have the floor for an introductory statement of five minutes. And then afterwards, as always, we will have questions and answers. And welcome to the Parliament. Thank you. I'll speak English, if that's okay, for my introductory remarks.”
European Banking Union

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